www.tigerbrands.com

TIGER BRANDS LIMITED RESULTS PRESENTATION TO INVESTORS for the six months ended 31 March 2014 2

Agenda

Business Strategic Review Financial Analysis Performance

Business Business Business Performance Performance Performance Grains Consumer Brands International

Outlook www.tigerbrands.com

Strategic Review Peter Matlare Chief Executive Officer 4 Group Nigeria Grains Consumer Brands Exports and International

OVERVIEW

• South African trading conditions remain tough – Household income significantly constrained – Highly competitive retail environment as retail sales slow – Escalation in raw material, labour and input costs • Pleasing performance in Grains, TBI and Exports businesses • Strategic pricing objective achieved in driving volume growth in Groceries • Dangote Flour Mills – Goodwill and intangibles impaired to reflect current underperformance of the business – Nigerian market remains attractive – Challenging trading conditions persist • Over-capacity in the sector fuels aggressive competitor activity • Impact of security concerns in northern Nigeria – Much work still to be done in DFM – Urgent action being taken to improve performance • UAC Foods continues perform satisfactorily • On track with strategies to build a sustainable platform – Investment in people and brands to maintain market leadership 5 Group Nigeria Grains Consumer Brands Exports and International GLOBAL ECONOMY RECOVERING SLOWLY BUT SUB-SAHARAN AFRICA GROWTH PROSPECTS ENCOURAGING

Y-o-Y % change 2012 2013 2014 2015 Global Economic Growth • The IMF revised its outlook for global GDP Global 3.1 3.0 3.7 3.9 growth upwards to 3.7% for 2014 on the back of muted recovery in advanced economies Advanced markets 1.4 1.3 2.2 2.3 • Global recovery is expected to be gradual Emerging markets 4.9 4.7 5.1 5.4 and uneven

SS-Africa 4.8 5.1 6.1 5.8 • Emerging market economies have faltered, experiencing financial volatility and domestic 2.5 1.9 2.3 3.0 structural weakness • Growth in Sub-Saharan Africa is forecast to remain robust and accelerate in 2014 Y-o-y % change 2013 2014 2015 • South African economy is expected to decelerate due to: 5.6 6.3 6.3 – Tense industrial relations in the Nigeria 6.3 7.1 7.0 mining sector Ethiopia 9.7 7.5 7.5 – Low private investment 4.6 4.8 5.1 – Weak consumer and investor confidence

Source: IMF, World Economic Outlook, January and April 2014 6 Group Nigeria Grains Consumer Brands Exports and International MARKET TRENDS SHOW SLOW RECOVERY FOR CATEGORIES IN WHICH TIGER BRANDS PARTICIPATES

Total South Africa Market recovery slow Category Volume and Value Growth Trends • Last 12 months’ category volumes recover 8,0 relative to previous year 7,2 6,9 7,0 • H1 2014 recorded a volume growth of 1% 6,2 6,0

5,0

4,0

3,0

2,0 1,5 1,0 1,1 1,0

0,0 Mat LY vs Mat TY H1 Curr vs H1 YA 3mm Curr vs Prev

Category Value Growth Category Volume Growth

Source: Nielsen March 2014 7 Group Nigeria Grains Consumer Brands Exports and International

STRATEGIC FOCUS AND BUSINESS MODEL

II. International expansion Geographic and new category expansion

Reignite Topline and regain Operating market Leverage People & share III. Investment in brand people and brands investment I. Focus on domestic businesses and Innovation Optimise efficiencies and deliver cost savings

Profitable growth and cash flow 8 Group Nigeria Grains Consumer Brands Exports and International

STRATEGIC THRUSTS – DOMESTIC BUSINESSES

• Tiger Brands’ domestic businesses currently contribute 75% to group revenues and 91% to group EBIT, therefore continued health and sustainability is paramount • Domestic businesses also underpin Tiger Brands’ international expansion plans

Contribution to Tiger Brands

TBI & Exports 15% (EBIT: 20%)

Domestic Nigeria Businesses 10% (EBIT: -11%) 75% (EBIT: 91%) 9 Group Nigeria Grains Consumer Brands Exports and International

CONTEXT FOR PERFORMANCE

• Slow down in consumer spending in 2013 8 Real GDP growth continued into 2014 due to inflationary 6 increases in food prices, fuel and energy costs 4 • Above CPI inflationary increases in producer 2 price inflation, exacerbated by rand weakness

%change 0 • Weak business confidence weighs on formal YoY employment growth -2 • Consumers continue to adjust their -4 2001-Q1 2003-Q2 2005-Q3 2007-Q4 2010-Q1 2012-Q2 2014-Q3 consumption habits – Favouring lower priced products Y-o-Y % change 2012 2013 2014 2015 – Forgoing purchases of discretionary items Durable goods 11.0 7.9 4.1 3.0 Semi-durable goods 6.2 6.7 4.9 4.8 Non-durable goods 2.5 2.2 1.7 2.6 Services 1.8 0.3 2.0 3.5 Total FCE – 3.5 2.6 2.5 3.3 Volume growth

Source: Investec, April and May 2014 10 Group Nigeria Grains Consumer Brands Exports and International DOMESTIC PERFORMANCE CHARACTERISED BY CONSUMER SEARCH FOR VALUE

• Consumer buying behaviour driven by focus on “value” – Addressed in the domestic business through pricing restraint – Intensified customer activity – Discretionary category pressures • Operational consolidation and efficiency gains – Manufacturing consolidation – Real procurement gains – Leverage supplier relations • Sustained investment in key enablers – Capital projects – Investment in people – diversification of skills – Focus on innovation and brand strength 11 Group Nigeria Grains Consumer Brands Exports and International TIGER BRANDS CONTINUES TO RETAIN LEADING POSITION IN MOST OF ITS CATEGORIES

March 2014 Position Insecticides 1 We understand and continue to invest Homecare Sanitary cleaners 2 in brands Air Care 3 Face Care 3 • All Gold Tomato Sauce maintained market Hand & Body 3 Personal care Hair Care 3 leadership for over seventy years Hair Styling Preps 1 Deodorants 6 • Albany has held a leading position in the bread Tomato sauce 1 Canned Tomato products 1 market for more than ten years Baked Beans 1 Culinary Canned Vegetables 1 • Koo voted as one of South Africa’s most loved Jam 1 brands (ahead of Coca-Cola) in the Sunday Peanut Butter 1 Mayonnaise/salad cream 1 Times National survey 2013 Rice 1 Bread 1 Grains • Tastic has been market leader for over fifty RTE Cereals 3 Hot Cereals 1 years; voted as the No.1 brand in the Essential Pasta 1 Foods Category for the last twelve years Baby Care 2 Baby Baby Food 1 Baby Cereal 1 Countlines 3 Slabs 3 Confectionery Sugar sweets 1 Boxed Assortments 1 CPM Chilled Processed Meats 1 Sports Drinks 2 Beverages Liquid Concentrates 1 Source: Nielsen March 2014 12 Group Nigeria Grains Consumer Brands Exports and International

STRATEGIC THRUSTS – INTERNATIONAL EXPANSION

• Strategic intent – Tiger Brands will continue to expand internationally – Nigeria remains important to Tiger Brands and priority is to fix and grow our existing businesses – We will continue to evaluate opportunities as they present themselves • Dangote Flour Mills – Goodwill and intangibles impaired in full • Underestimated challenges of operating in Nigeria • New industry surplus capacity came on stream as we entered the market • Increased wheat levy compounded margin compression • Paid strategic premium for the business to achieve immediate scale in Nigeria – Management changes made to strengthen the team • Seamless integration between SA Grains Business and DFM – Aggressive thrust to fix the cost base and grow topline 13 Group Nigeria Grains Consumer Brands Exports and International

AFRICA AND GLOBAL EXPORTS – THE SUCCESS STORY CONTINUES ….

• Tiger Brands International and Exports

– Excellent performance driven by strong topline growth

– Chococam (Cameroon) – exceptional performance and growing export potential

– Haco (Kenya) – strong export growth and pleasing stationery sales

– EATBI (Ethiopia) – continued good progress

– Davita – building brand equity in neighbouring countries

– Exports – entrenching core brands in southern Africa

– Langeberg & Ashton Foods – pleasing performance 14 Group Nigeria Grains Consumer Brands Exports and International ANALYSIS OF TURNOVER GROWTH FOR THE SIX MONTH PERIOD ENDED 31 MARCH 2014

R 15,0

Volume Billions 11% Turnover growth 4%

R 14,5

Forex 3%

R 14,0 Pricing 4% R14.9bn

R 13,5

R 13,0

R 13.4 bn

R 12,5

R 12,0 March 2013 Turnover Pricing Forex Total Volume March 2014 Turnover 15 Group Nigeria Grains Consumer Brands Exports and International

EARNINGS PER SHARE – CONTINUING OPERATIONS 16 Group Nigeria Grains Consumer Brands Exports and International HEPS (CENTS) – CONTINUING OPERATIONS FOR THE SIX MONTHS ENDED

870

860 856

850

840

830

820

810 802 800

790

780

770 Mar-13 Mar-14 17 Group Nigeria Grains Consumer Brands Exports and International TOTAL DISTRIBUTION CENTS PER SHARE FOR THE SIX MONTHS ENDED 31 MARCH

335

330 329

325

320

315

310 310

305

300 Mar-13 Mar-14 www.tigerbrands.com

Financial Analysis Funke Ighodaro Chief Financial Officer 19 Group Nigeria Grains Consumer Brands Exports and International INCOME STATEMENT FOR THE SIX MONTH PERIOD ENDED 31 MARCH EXCLUDING DFM IMPAIRMENT

% Rm 2014 2013 Change Turnover 14 926.9 13 443.2 11% Operating income before IFRS 2 charges 1 711.2 1 663.5 3% IFRS 2 Charges 3.1 (93.8) - Operating income 1 714.3 1 569.7 9% Operating margin (%) – After IFRS 2 11.5% 11.7% Income from investments 1.2 9.9 (88%) Net financing cost (206.3) (176.2) (17%) Income from Associates 265.9 255.2 4% Income tax expense (430.1) (407.7) (5%) Income after tax before abnormal items 1 345.0 1 250.9 8% Abnormal items - after tax 4.6 5.5 (16%) Non-Controlling interests 54.1 32.4 67% Profit from continuing operations 1 403.7 1 288.8 9% Discontinued Operation 29.9 30.3 (1%) Profit from total operations 1 433.6 1 319.1 9% EPS (cents) - continuing operations 877.4 807.2 9% HEPS (cents) - continuing operations 855.5 801.6 7% 20 Group Nigeria Grains Consumer Brands Exports and International INCOME STATEMENT FOR THE SIX MONTH PERIOD ENDED 31 MARCH AFTER DFM IMPAIRMENT

2014 2014 2013 % Before DFM Impairment After DFM Change Impairment impairment Turnover 14 926.9 14 926.9 13 443.2 11% Operating income before IFRS 2 charges 1 711.2 1 711.2 1 663.5 3% IFRS 2 Charges 3.1 3.1 (93.8) - Operating income 1 714.3 1 714.3 1 569.7 9% Operating margin (%) – After IFRS 2 Charges 11.5% 11.5% 11.7% Income from investments 1.2 1.2 9.9 (88%) Net financing cost (206.3) (206.3) (176.2) (17%) Income from Associates 265.9 265.9 255.2 4% Income tax expense (430.1) (430.1) (407.7) (5%) Income after tax before abnormal items 1 345.0 1 345.0 1 250.9 8% Abnormal items – after tax 4.6 (822.6) (818.0) 5.5 - Non-Controlling interests 54.1 20.9 75.0 32.4 - Profit from continuing operations 1 403.7 (801.7) 602.0 1 288.8 (53%) Discontinued Operation 29.9 - 29.9 30.3 (1%) Profit from total operations 1 433.6 (801.7) 631.9 1 319.1 (52%) EPS (cents) - continuing operations 877.4 (501.1) 376.3 807.2 (53%) HEPS (cents) - continuing operations 855.5 - 855.5 801.6 7% 21 Group Nigeria Grains Consumer Brands Exports and International ANALYSIS OF TURNOVER GROWTH FOR THE SIX MONTH PERIOD ENDED 31 MARCH 2014

R 15,0

Volume Billions 11% Turnover growth 4%

R 14,5

Forex 3%

R 14,0 Pricing 4% R14.9bn

R 13,5

R 13,0

R 13.4 bn

R 12,5

R 12,0 March 2013 Turnover Pricing Forex Total Volume March 2014 Turnover 22 Group Nigeria Grains Consumer Brands Exports and International

TRADING RESULTS FOR THE SIX MONTH PERIOD ENDED 31 MARCH

Turnover Operating income after IFRS2 Operating margins % % Rm 2014 2013 Change 2014 2013 Change 2014 2013

Domestic operations 11 204.9 10 331.9 8% 1 571.4 1 581.0 (1%) 14.0% 15.3% Grains 5 338.7 4 917.9 9% 832.1 756.9 10% 15.6% 15.4% Consumer Brands 5 866.2 5 414.0 8% 739.3 824.1 (10%) 12.6% 15.2%

Total International 3 722.0 3 111.3 20% 154.0 92.1 67% 4.1% 3.0% Exports and International 2 258.3 1 823.3 24% 335.0 265.6 26% 14.8% 14.6% (Ex Nigeria) Nigeria 1 463.7 1 288.0 14% (181.0) (173.5) (4%) (12.4%) (13.5%)

Corporate and IFRS2 charge (11.1) (103.4) 89% Total Group 14 926.9 13 443.2 11% 1 714.3 1 569.7 9% 11.5% 11.7% 23 Group Nigeria Grains Consumer Brands Exports and International TURNOVER BY OPERATING SEGMENT FOR THE SIX MONTH PERIOD ENDED 31 MARCH

Rm 2014 2013 % Change

Domestic operations 11 204.9 10 331.9 8% Grains 5 338.7 4 917.9 9% Milling and Baking 3 862.3 3 463.4 12% Other Grains 1 476.4 1 454.5 2% Consumer brands 5 866.2 5 414.0 8% Groceries 2 039.5 1 726.9 18% Snacks & Treats 1 024.2 952.8 8% Beverages 618.3 632.6 (2%) VAMP 942.6 901.2 5% Out of Home 206.7 203.5 2% HPCB 1 034.9 997.0 4%

International operations 3 722.0 3 111.3 20% Exports and International (Ex Nigeria) 2 258.3 1 823.3 24% Nigeria 1 463.7 1 288.0 14%

Turnover - continuing operations 14 926.9 13 443.2 11% 24 Group Nigeria Grains Consumer Brands Exports and International OPERATING INCOME BEFORE ABNORMAL ITEMS FOR THE SIX MONTHS ENDED 31 MARCH

Operating Income % Operating Margins Rm 2014 2013 Change 2014 2013 Domestic operations 1 571.4 1 581.0 (1%) 14.0% 15.3% Grains 832.1 756.9 10% 15.6% 15.4% Milling and Baking 689.0 623.9 10% 17.8% 18.0% Other Grains 143.1 133.0 8% 9.7% 9.1% Consumer Brands 739.3 824.1 (10%) 12.6% 15.2% Groceries 151.2 225.0 (33%) 7.4% 13.0% Snacks & Treats 175.2 157.7 11% 17.1% 16.6% Beverages 84.0 88.1 (5%) 13.6% 13.9% VAMP 62.3 64.2 (3%) 6.6% 7.1% Out of Home 42.0 39.7 6% 20.3% 19.5% HPCB 224.6 249.4 (10%) 21.7% 25.0%

Corporate and IFRS2 charge (11.1) (103.4) 89% - -

International operations 154.0 92.1 67% 4.1% 3.0% Exports and International (Ex Nigeria) 335.0 265.6 26% 14.8% 14.6% Nigeria (181.0) (173.5) (4%) (12.4%) (13.5%)

Operating income – continuing operations 1 714.3 1 569.7 9% 11.5% 11.7% 25 Group Nigeria Grains Consumer Brands Exports and International CONTRIBUTION TO TURNOVER FOR THE SIX MONTH PERIOD ENDED 31 MARCH 2014 2013

Nigeria Nigeria Milling & Exp & Int Milling & 10% (Excl. 10% Exp & Int Baking Baking Nigeria) (Excl. 26% 26% 13% Nigeria) 15%

HPCB HPCB 7% 7% Other OOH Other OOH Grains 1% Grains 1% 11% VAMP 10% VAMP Groceries 6% Groceries 7% 13% Beverages Snacks & Beverages Snacks & 14% 4% Treats 5% Treats 7% 7%

2014 Turnover from Continuing operations: 2013 Turnover from Continuing operations: R14.9 billion R13.4 billion 26 Group Nigeria Grains Consumer Brands Exports and International CONTRIBUTION TO OPERATING INCOME FOR THE SIX MONTH PERIOD ENDED 31 MARCH 2014 2013

Nigeria Nigeria (10%) Exp & Int (11%) Milling & Milling and Exp & Int (Excl. Baking baking 38% 16% Nigeria) 40% 20%

HPCB 15% HPCB 13% OOH 2% Other OOH Other Grains 2% Grains VAMP 4% 8% VAMP 8% Bev 5% Groceries Groceries S&T 9% 4% Beverages 13% Snacks & 9% 5% Treats 10%

2014 Operating Income from 2013 Operating Income from Continuing operations: Continuing operations: R1.7 billion R1.6 billion 27 Group Nigeria Grains Consumer Brands Exports and International INCOME FROM ASSOCIATE COMPANIES FOR THE SIX MONTH PERIOD ENDED 31 MARCH

Rm 2014 2013 % Change Income from Associates

Carozzi 75.2 101.5 (26%)

Oceana 124.8 109.3 14%

UAC Foods 28.4 21.6 31%

National Foods Holdings Ltd 37.5 22.8 64%

Group share of income from Associates 265.9 255.2 4% 28 Group Nigeria Grains Consumer Brands Exports and International RECONCILIATION BETWEEN PROFIT FOR THE PERIOD AND HEADLINE EARNINGS

Rm 2014 2013 Continuing operations Profit for the period attributable to owners of the parent 602.0 1 288.8 Impairment of intangible assets 801.7 - Profit on disposal of property, plant, equipment and intangible assets (14.2) (9.0) Insurance claim income (20.7) - Headline earnings adjustment - Associates - Profit on disposal of property, plant, equipment and intangible assets (0.1) - Headline earnings attributable to owners of parent company 1 368.7 1 279.8

Discontinued operation Profit for the period attributable to owners of the parent 29.9 30.3 Profit on re-measurement to fair value of net assets held-for-sale (11.8) - Headline earnings attributable to owners of the parent company 18.1 30.3 29 Group Nigeria Grains Consumer Brands Exports and International

CASHFLOW STATEMENT FOR SIX MONTHS ENDED 31 MARCH

Rm 2014 2013 Cash operating profit 2 149.8 2 164.9 Working Capital (427.4) (339.9) Cash generated from operations 1 722.4 1 825.0 Net Financing costs (after dividends received) (91.3) (80.8) Tax paid (487.7) (550.3) Cash available from operations 1 143.4 1 193.9 Dividends paid (907.8) (910.8) Net cash inflow from operating activities 235.6 283.1 Capital Expenditure (481.8) (288.7) Acquisitions (2014: 2.31% increase in DFM due to mandatory offer) (74.1) (1 836.0) Disposals – Agrosacks (net of cash held in subsidiary on disposal) 430.2 - Proceeds on sale of property/ insurance proceeds 62.4 - Underlying debt at acquisition in DFM - (1 497.8) Other Items 16.2 30.5 Net cash movement for the period 188.5 (3 308.9) Exchange Rate Translation (48.3) (116.5) Opening Balance (4 470.0) (1 181.7) Closing Balance – net debt (4 329.8) (4 607.1) 30 Group Nigeria Grains Consumer Brands Exports and International

GROUP BALANCE SHEET

31 March 30 September Rm 2014 2013 Assets Property, plant & equipment 5 736.6 5 498.7 Goodwill and intangible assets 4 592.3 5 424.6 Investments 3 322.3 3 413.3 Current Assets 9 385.7 8 852.6 Held for sale assets - 1 280.7 23 036.9 24 469.9 Equity and Liabilities Ordinary Shareholders Equity 12 302.9 12 787.1 Non-controlling Interests 825.8 1 028.4 Net Debt 4 329.8 4 470.0 Non-current Liabilities 798.6 806.2 Current Liabilities 4 779.8 4 679.6 Held for sale liabilities - 698.6 23 036.9 24 469.9 31 Group Nigeria Grains Consumer Brands Exports and International

KEY STATISTICS AS AT 31 MARCH

2014 2013 Net (Debt)/Cash (Rm) (4 329.8) (4 607.1)

Net Debt/Equity % 33.0 36.0

Working capital per R1 turnover (cents) 18.4 20.9

Net interest cover (times) 8.3 9.0

Operating income margin % (after IFRS2 charges) 11.5 11.7

Effective tax rate % (before abnormal items and associates income) 28.5 29.2

RONA % 22.8 26.3

Net working capital days 72.3 92.5

Stock days 76.0 81.9

Debtors days 42.7 53.5

Creditors days 46.4 42.9 32 Group Nigeria Grains Consumer Brands Exports and International

CAPITAL EXPENDITURE AND COMMITMENTS AS AT 31 MARCH

Rm 2014 2013

Capital expenditure 481.8 288.7

- Replacement 265.7 197.5

- Expansion 216.1 91.2

Capital commitments 442.8 1 077.9

- Contracted 197.2 168.2

- Approved 245.6 909.7

As at 31 March 2014, proposed capital commitments amounting to R783million had not yet been approved www.tigerbrands.com

Tiger Brands Nigeria Noel Doyle Business Executive 34 Group Nigeria Grains Consumer Brands Exports and International

TIGER BRANDS IN NIGERIA

In summary

• DFM challenges persist, however, there are signs of improvement

• Deli delivered strong volume growth but this was not reflected on the bottom line

• UAC Foods delivered satisfactory profit growth 35 Group Nigeria Grains Consumer Brands Exports and International

DFM

Difficult first half, consequently poor results

• Q1 saw volumes contract significantly with a delayed response to downward pricing pressures

• Naked margins in Q2 were impacted by reduced pricing implemented in December and a higher wheat cost

• However, Q2 volumes grew by 31% vs Q1 and operating losses reduced by 20% vs Q1

• With product quality at acceptable levels, Pasta and Noodles should benefit from continued robust category growth 36 Group Nigeria Grains Consumer Brands Exports and International

DFM

• There are significant actioned initiatives which should have a tangible impact on future financial performance

Impact Timing H2 2014 F2015 Improved extraction rates (May '14 vs Oct '13 +3%) Ongoing √ √

Volume momentum Ongoing √ √

Expansion of silo capacity Complete Q2 F2015 − √

Mothballing of facilities Q4 F2014 & Q2 F2015 − √

Sourcing from alternative geographies On expiry of current commitments − √

Rationalisation of current fleet configuration Q4 2014 − √

Launch of consumer value added offerings in flour Q4 2014 − √

Launch of new brand offerings Pasta & Noodles Q4 2014 − √ 37 Group Nigeria Grains Consumer Brands Exports and International

DFM

In Conclusion

• Whilst progress is currently being made, the current core DFM business remains challenging in the short term

• New CEO for DFM appointed effective 01 July 2014

• Significant opportunities exist to make a significant dent in loss levels in F2015

• In parallel, by December business cases will have been developed and considered for entry into adjacent / related categories, not at the expense of fixing the core

• The carrying value of the company’s investment in DFM will be re-evaluated in the light of the above at the end of the financial year 38 Group Nigeria Grains Consumer Brands Exports and International

UAC FOODS

Satisfactory profit growth, however new entrants have intensified the competitive landscape

Salient points

• Intensified competitor activity

• Pleasing progress in market penetration

• Sustained turnaround in dairies and beverages

• Drive recent innovation launches www.tigerbrands.com

Grains Noel Doyle Business Executive 40 Group Nigeria Grains Consumer Brands Exports and International

GRAINS OVERVIEW

• Volume growth and share gains sustained. Margins maintained notwithstanding significant cost push and judicious price point management

The six months under review was CYH1 H2F13 FY13 characterised by Vs Vs Vs PYH1 H2F12 FY12 • Continued cost push and volatility in most soft commodities exacerbated by the ∆ % % % depreciating rand Volume (tons) 4.0 2.8 0.1 • Continued pressure on disposable income intensifying a consumer search for value Net sales 8.6 12.4 9.4

• Sustained intense pricing competition EBIT 9.9 (5.1) (6.8) between customers % EBIT Margin (ppt.) 0.2 (3.0) (2.7) • Strong volume performances across all categories except Maize and Rice • Brand investment up 34% for the period 41 Group Nigeria Grains Consumer Brands Exports and International MARKET SHARE RECOVERIES WERE SUSTAINED IN A TOUGH TRADING ENVIRONMENT

Volume *Market Share * Market Growth *Tiger Growth Performance Bread Buns & Rolls Rice Pasta Maize Flour Consumer Premixes Breakfast - Oats (Jungle) - Maize (Ace Instant) - Sorghum porridges

* 6 Months to March 42 Group Nigeria Grains Consumer Brands Exports and International

MILLING - WHEAT

Strong retail/wholesale market share recovery reflected in profit growth

• Pleasing volume growth ahead of a recovering market • Wheat procurement cost pressure • Brand value proposition aligned in a competitive market • New Consumer Premix pack formats perform well ahead of market growth • Pleasing performance; however market remains challenging 43 Group Nigeria Grains Consumer Brands Exports and International

MILLING AND BAKING - WHEAT

• Wheat price reflects significant upward cost pressure

SAFEX WHEAT (price change) 44 Group Nigeria Grains Consumer Brands Exports and International

MILLING - MAIZE

Tough market dynamics but volume declines have been arrested

• Extremely high maize price volatility and record prices experienced in H1 due to local maize shortage

• H1 reflects slight market share losses but volume decline arrested

• The latter part of H1 has seen a recovery in Consumer demand, however, the search for value sees continued downtrading to Regional and Dealer Owned Brands (DOBs) 45 Group Nigeria Grains Consumer Brands Exports and International

MILLING - MAIZE

• Record maize prices followed by a sharp decline

White maize (price change) 46 Group Nigeria Grains Consumer Brands Exports and International

MILLING - BAKERIES

Good volume performance drives strong profit growth and increased market share

• Albany enhances market leadership position

• Q2 saw bread category return to growth after a contraction in Q1

• 50% growth in buns and rolls enhances Albany market leadership in this segment 47 Group Nigeria Grains Consumer Brands Exports and International

BREAKFAST CEREALS AND SORGHUM BEVERAGES

Exceptional performances in breakfast porridges offset by volume declines in Sorghum Beverages • Porridge remains an area of focus for the remainder of the year with brand activation and innovation

• Ace Instant and Morvite show good volume growth and market share gains in H1

• Long term volume decline in sorghum beverages exacerbated by the impact of higher raw material prices 48 Group Nigeria Grains Consumer Brands Exports and International

BREAKFAST CEREALS - JUNGLE

Good operating results continue to reflect successful execution of strategy

• Very strong volume performance driven by execution of “Oats All Year Round” strategy

• Innovation and additional through-the-line initiatives drive consumption

• Positive market share growth 49 Group Nigeria Grains Consumer Brands Exports and International

OTHER GRAINS - RICE

Modest profit growth despite volume decline

• Thai/Indian price differential has narrowed

• Raw material savings deployed into recovering margins and marketing support

• Volumes significantly down on last year in a flat Rice market characterised by intense competition from DOBs and new entrants

• Both Tastic and Aunt Caroline show short and medium term share declines which are being addressed 50 Group Nigeria Grains Consumer Brands Exports and International

OTHER GRAINS - PASTA

Market share recovery comes at a cost

• Positive volume performance is attributed to successful Q1 campaign driven by extremely competitive pricing

• Decline in profitability reflects aggressive pricing strategy but share gains restore brand presence 51 Group Nigeria Grains Consumer Brands Exports and International

GRAINS SUMMARY

• Underlying business health metrics continued to improve in H1, reflected in satisfactory volume and EBIT growth

• Continued focus on in-market execution and marketing investment behind brands

• Full impact on the consumer of price increases caused by commodity and currency movements will only be felt in H2

• Tough trading conditions persist into H2 www.tigerbrands.com

Consumer Brands Grattan Kirk Business Executive 53 Group Nigeria Grains Consumer Brands Exports and International

GROCERIES – BACK TO BASICS APPROACH

• Strengthened management team in place

• Strategy to recover volume and market share in H1 successful

• Price increase implemented in H2 to recover margins

• Supply chain optimisation projects on track

• Aggressive go to market strategies across our customer base

• Continued innovation and renovation

• Resolution of manufacturing architecture

• Capex to increase capacity and capability 54 Group Nigeria Grains Consumer Brands Exports and International

GROCERIES – REBUILDING MARKET SHARE

Significant growth in volume and value

Sales R 2 039.5m +18% EBIT R 151.2m (33%)

• Volume growth of 17% and value growth of 18%

• No price increase in H1 resulted in volume recovery

• Improved market share across all categories except baked beans

• Significant cost push impacted margins by 6 ppt

• Continued shopper search for value and growth of private label

• Manufacturing facility optimisation (Tomato paste and Mayonnaise)

• Price increase in H2 to recover margins 55 Group Nigeria Grains Consumer Brands Exports and International

GROCERIES – POINT OF PURCHASE ACTIVATIONS 56 Group Nigeria Grains Consumer Brands Exports and International

SNACKS AND TREATS

Volume growth & efficiency focus generates pleasing profit growth

Sales R 1 024.2m + 8% EBIT R 175.2m + 11%

• Excellent Easter performance and solid growth in Sugar confectionery brands • Continued focus on judicious price management • Continued focus on innovation • Relentless focus on “in store” execution • Conversion cost savings offset significant input cost push on cocoa and gelatine • Enhanced capability and capacity capex in execution phase 57 Group Nigeria Grains Consumer Brands Exports and International

SNACKS AND TREATS - INNOVATION 58 Group Nigeria Grains Consumer Brands Exports and International BEVERAGES - PERFORMANCE NEGATIVELY IMPACTED BY COMMISSIONING CHALLENGES DURING RELOCATION OF PRODUCTION LINES

Sales R 618.3m (2%) EBIT R 84.0m (5%)

• Service levels negatively impacted by consolidation of factories • Manufacturing reconfiguration has been completed and is delivering cost savings • In-store focus on core brand visibility and impact • Successful launch of Carbonated Soft Drinks range • Excellent growth of Oros in a challenging economy • Service levels largely resolved 59 Group Nigeria Grains Consumer Brands Exports and International

BEVERAGES - INNOVATION 60 Group Nigeria Grains Consumer Brands Exports and International VALUE ADDED MEAT PRODUCTS - ROBUST INNOVATION DRIVE DELIVERS A MODEST TOP-LINE GROWTH DESPITE AN EX-GROWTH MARKET

Sales R 942.6m + 5% EBIT R 62.3m (3%)

• VAMP market moves into modest growth in Q2 • Price competitiveness and innovation deliver sustained market share gains • Maize prices and exchange rate impact margins First to negatively market • Enhanced distribution network with • Retail collaboration delivers category leadership Zip-lock! 61 Group Nigeria Grains Consumer Brands Exports and International OUT OF HOME - LEVERAGING TIGER BASKET INTO NEW CUSTOMERS AND CHANNELS

Sales R 206.7m + 2% EBIT R 42.0m + 6%

• Pleasing performance from out of home division • Positive leverage from more favourable sales and channel mix • New customer acquisition strategy pays dividends • Long term opportunity to grow this division 62 Group Nigeria Grains Consumer Brands Exports and International

IN SUMMARY

• Tough trading conditions are likely to persist

• Relentless focus on innovation and renovation

• Fixation on cost control

• Deliver on supply chain optimisation projects

• Continue with the momentum achieved in Groceries Division in H1 www.tigerbrands.com

Consumer Brands (HPCB) Neil Brimacombe Business Executive 64 Group Nigeria Grains Consumer Brands Exports and International

HOME, PERSONAL CARE AND BABY

Tough trading conditions continue

Net Sales R 1 034.9m + 4% EBIT R 224.6m (10%)

• Disappointing Baby performance – Consumer down trading and product substitution – Market shares, however, remain positive • Headwinds in Home and Personal Care driven by – Market contraction in most categories – Market pressures result in fiercely competitive pricing environment (Detergents, All Purpose Cleaners) • Pleasing volume share growth in eight out of twelve categories 65 Group Nigeria Grains Consumer Brands Exports and International

HOME, PERSONAL CARE AND BABY

Home Care: Aggressive Competition

Net Sales R 395.9m + 8% EBIT R 49.0m (24%)

• EBIT impacted by defence of Surface and especially Laundry Care – Highly aggressive competitor activity • Top line Growth driven by Pest (+23%) and Air Care (+14%) – DOOM and Airoma relaunches see good traction – Focus on consumer value and single unit pricing (taking lead away from banded packs) – Compelling consumer communication 66 Group Nigeria Grains Consumer Brands Exports and International

HOME, PERSONAL CARE AND BABY

Personal Care: Categories under pressure

Net Sales R 261.0m + 1% EBIT R 65.1m (8%)

• Pleasing growth on key skin brands – Ingram's (Independents’ distribution) – Dolly Varden (price points) • Hair Care category declines • STATUS relaunch into 200ml holding top line • Compelling innovation launch – Ingram’s Moisture Plus and roll-on deodorants – STATUS STRONG – high efficacy Roll-on 67 Group Nigeria Grains Consumer Brands Exports and International

HOME, PERSONAL CARE AND BABY

Baby Category: Market Contracts

Net Sales R 378.0m + 2% EBIT R 110.5m (3%)

• Q1 Category inflation affecting Baby Nutrition market volumes – Down trading to Cereals and home prepared meals – Purity Innovation drives share growth in both JBF and Cereals • Baby Toiletry segment volumes contract – Purity / Elizabeth Anne’s growing share with relaunched range and larger value packs 68 Group Nigeria Grains Consumer Brands Exports and International

HOME, PERSONAL CARE AND BABY

In Summary

• Tough trading conditions and highly competitive environment to persist

• Emphasis on Innovation execution

• Management of critical price points

• HPCB remains an important investment vector for Tiger Brands www.tigerbrands.com

Tiger Brands International (excluding Nigeria) Neil Brimacombe Business Executive 70 Group Nigeria Grains Consumer Brands Exports and International

TIGER BRANDS INTERNATIONAL (EXCLUDING NIGERIA)

Tiger Brands International (excl. Nigeria)

Net Sales R 2 258.3m + 24% EBIT R 335.0m + 26% Mali Niger Chad • Exports Sudan Nigeria Ethiopia – Rest of Africa: Excellent performance Ghana

– Davita: Good performance EQ Kenya Gabon – L&AF: Significantly improved performance DRC • East Africa Tanzania

– Kenya: Excellent performance Angola Zambia – Ethiopia: Continued good progress • Central Africa Namibia Botswana – Cameroon: Exceptional performance Key Themes South Africa 1. Availability and Visibility 2. Investment in Facilities, People and Brands On shore manufacturing Export territories 3. Continued strong partner relationships 71 Group Nigeria Grains Consumer Brands Exports and International

INTERNATIONAL EXPANSION - THE SUCCESS STORY CONTINUES …

Exports & Davita EATBI (Ethiopia) 400 000 35% 120 000 25% 350 000 30% 100 000 20% 300 000 25% 24% 80 000 250 000 24% 14% 22% 25% 11% 12% 15% 200 000 60 000

R'000 150 000 20% 7% 10% ETB'000 40 000 100 000 14% 12% 15% 20 000 5% 50 000 11% - 10% - 0% 2008 2009 2010 2011 2012 2013 1H2014 2011 2012 2013 1H2014 Davita acquired : EBIT EBIT% EATBI acquired : EBIT EBIT% 2011 2011

HACO Tiger Brands (Kenya) Chococam (Cameroon) 500 000 30% 5 000 000 20%

400 000 25% 4 000 000 CAGR : 26% CAGR : 25% 14% 14% 17% 20% 13% 15% 300 000 15% 3 000 000 13% 14% 12% 12% 11% 15%

10% CFA'000 KES'000 200 000 2 000 000 10% 10% 8% 8% 3% 100 000 5% 1 000 000

- 0% - 5% 2008 2009 2010 2011 2012 2013 1H2014 2008 2009 2010 2011 2012 2013 1H2014 HACO acquired EBIT EBIT% Chococam EBIT EBIT% : 2008 acquired : 2008 72 Group Nigeria Grains Consumer Brands Exports and International

TIGER BRANDS INTERNATIONAL - EXPORTS (INCLUDING DAVITA)

Tiger Brands Exports: Excellent Growth , Zambia

Net Sales R 897.6m + 23% EBIT R 198.4m + 16%

Rest of Africa Exports : Growth drivers • Excellent growth in Southern African countries • Sustained growth momentum in key categories viz: C&I, Rice, Pasta, Snacks & Treats, Personal Care • Slight margin compression due to domestic cost push • Sustained Brand Investment Challenges • Price competitiveness outside of SADC region • Mozambique border challenges and civil unrest 73 Group Nigeria Grains Consumer Brands Exports and International

TIGER BRANDS INTERNATIONAL - EXPORTS

• Continued investment in core brands

Mozambique Mozambique, Zambia, Zimbabwe

Mozambique, Zambia, Malawi Zimbabwe 74 Group Nigeria Grains Consumer Brands Exports and International

TIGER BRANDS INTERNATIONAL - DAVITA

Good Performance

Davita Growth drivers • Benny and Davita record strong performances • Strong Mozambique performance. Nigeria performance hampered by unrest and temporary Forex shortage • Innovation progress: – Jolly Jus new flavours – Benny Curry Powder Launch • Benny capacity expansion now in progress

Challenges • New low cost PSD entrants impact Jolly Jus 75 Group Nigeria Grains Consumer Brands Exports and International

TIGER BRANDS INTERNATIONAL - LANGEBERG & ASHTON FOODS

Significantly Improved Performance

Net Sales R 679.9m + 21% EBIT R 30.9m + 59%

Key points • Pleasing volume growth in key markets • Performance enhanced by weak ZAR, as well as improved productivity in labelling and better yields • Demand for SA products positively impacted by poor crops in key producing countries 76 Group Nigeria Grains Consumer Brands Exports and International

TIGER BRANDS INTERNATIONAL - EAST AFRICA (HACO TB AND EATBI)

Very Good Performance: On Track

Net Sales R 413.0m + 14% EBIT R 61.2m + 29%

Kenya growth drivers • Strong export sales to Ethiopia, Burundi and Rwanda • Performance driven by strong BIC sales but slower growth in HPC • Market penetration initiatives continue to gain traction • Innovation progress – Hand & Body – Hair Care 77 Group Nigeria Grains Consumer Brands Exports and International

BRAND DEVELOPMENT - INNOVATION IN 2014 78 Group Nigeria Grains Consumer Brands Exports and International

TIGER BRANDS INTERNATIONAL - EATBI, ETHIOPIA

Tough trading conditions

Ethiopia Growth drivers • Slower performance in Personal / Home Care • PSD entry with Oros brand continues to gain traction • Excellent progress in facilities upgrade • Market penetration initiatives Ethiopia trading challenges • Forex shortages • Djibouti port corruption clampdown • Consumer slow down • South Sudan civil unrest impacts exports 79 Group Nigeria Grains Consumer Brands Exports and International

TIGER BRANDS INTERNATIONAL - EATBI, ETHIOPIA

• Investments in Facilities and People 80 Group Nigeria Grains Consumer Brands Exports and International

TIGER BRANDS INTERNATIONAL - CENTRAL AFRICA

Cameroon: Exceptional Performance

Net Sales R 331.0m + 42% EBIT R 44.5m + 64%

Growth drivers • Excellent volume and share growth in all core categories • Strong innovation pipeline - Hair care entry with Miadi brand gaining traction • Chad volumes continue to positively contribute • Strong brand support sustained • Excellent progress on market penetration Challenges • Gabon export logistics 81 Group Nigeria Grains Consumer Brands Exports and International

DRIVING BRAND GROWTH

• Driving Market Penetration 82 Group Nigeria Grains Consumer Brands Exports and International

TIGER BRANDS INTERNATIONAL

Very pleasing results

• International expansion remains key growth vector

• Continue to drive growth on core: availability and visibility

• Continued investment in Facilities, People, Brands

• Acquisitions remain a key theme www.tigerbrands.com

Conclusion Peter Matlare Chief Executive Officer 84 Group Nigeria Grains Consumer Brands Exports and International

OUTLOOK

• Tough market conditions will prevail in all territories

• International businesses expected to continue to contribute positively to the Group’s performance

• DFM continues to receive urgent management attention

• Strategic execution

– Focus on operational excellence

– Embed agility in response to fast-changing and challenging markets

– Continued focus on costs

• Entrench our already strong brand positioning

• Continuous evaluation of opportunities for expansion 85 Group Nigeria Grains Consumer Brands Exports and International

DISCLAIMER

Certain statements in this presentation may be defined as forward looking within the meaning of the United States Securities legislation.

Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements may be identified by words such as “expect”, “believe”, “anticipate”, “plan”, “estimate”, “intend”, “project”, “target”, “predict”, “outlook” and words of similar meaning.

Forward looking statements are not statements of fact but statements by the management of Tiger Brands Group based on its current estimates, projections, beliefs, assumptions and expectations regarding the group’s future performance. No assurance can be given that forward-looking statements will prove to be correct and undue reliance should not be placed on such statements.

The risks and uncertainties inherent in the forward-looking statements contained in this presentation include, but are not limited to: domestic and international business and market conditions; changes in the domestic or international regulatory and legislative environment in the countries in which the Group operates or intends to operate; changes to domestic and international operational, economic, political and social risks; changes to IFRS and the interpretations, applications and practices subject thereto as they apply to past, present and future periods; and the effects of both current and future litigation.

The company undertakes no obligation to update or release any revisions to these forward-looking statements contained in this presentation and does not assume responsibility for any loss or damage whatsoever and however arising as a result of the reliance of any party thereon, including, but not limited to, loss of earnings, profits, or consequential loss or damage. www.tigerbrands.com

TIGER BRANDS LIMITED RESULTS PRESENTATION TO INVESTORS for the six months ended 31 March 2014